Revenue

Q3 2025

$77 million to $80 million, 19% YoY growth "

$83.5 million to $86.5 million, 6% YoY growth and 9% sequential "

raised

Contribution ex TAC

Q3 2025

$47.5 million to $49.5 million, 17% YoY growth "

$51 million to $53 million, 10% YoY growth and 8% sequential "

raised

Non-GAAP Operating Expenses

Q3 2025

$37 million to $38 million, 17% YoY growth and approximately flat sequentially "

$37 million to $38 million, 15% YoY growth and 1% sequential increase "

lowered

Adjusted EBITDA

Q3 2025

$10.5 million to $11.5 million, 15% YoY growth "

$14 million to $15 million, 1% YoY decline and 29% sequential increase "

raised

ViantAI Adoption and Execution Risks

In Q1 2025, adoption was highlighted via efficient AI bidding (≈85% automation), robust AI planning and early measurement features with limited risk discussion. " " " Q4 2024 focused on building trust with customers, and Q3 2024 stressed its transformative potential with positive early feedback. " " " "

Q2 2025 emphasizes strong adoption with 85% of ad spend using AI bidding, expanding to major U.S. advertisers and a pipeline over $250M, while also detailing execution risks related to scaling with larger advertisers and completing the full AI rollout. " " " " "

The topic remains a constant focus, but sentiment has shifted toward addressing detailed execution risks alongside robust adoption as the product scales.

Robust New Business Pipeline and Customer Acquisition

Q1 2025 noted a very strong pipeline with larger opportunities and impressive new customer metrics. " " Q4 2024 emphasized the rapid expansion of top new customers and onboarding of larger accounts. " " Q3 2024 highlighted fixed-price strategies accelerating customer acquisition. " "

Q2 2025 highlights a pipeline exceeding $250 million in incremental ad spend, a 23% rise in high-contribution customers, and strong engagement with major U.S. advertisers backed by multiyear RFPs. " "

The pipeline remains consistently robust with an increasing focus on capturing larger advertisers and multi-year opportunities, showing continued optimism.

Competitive Differentiation vs. Big Tech Pressure

Q1 2025 stressed independence from Big Tech via critiques of attribution practices and highlighted unique targeting with Household ID. " " Q4 2024 underscored patented technology and AI innovation, while Q3 2024 indirectly addressed differentiation through its direct access programs. " " "

Q2 2025 continues to emphasize patented Household ID and Viant AI’s autonomous solutions to differentiate itself, while downplaying pressures from big tech players like Amazon, Meta, and Google. " "

The theme remains consistent, with ongoing emphasis on leveraging proprietary technology and independence to counteract Big Tech pressures.

Pricing, Margin, and Fee Structure Pressures

Q1 2025 focused on value-based pricing and margin expansion (with a 360 bps improvement). " " " " Q4 2024 reported margin improvements (31% adjusted EBITDA) amid dynamic fee structures, and Q3 2024 discussed onboarding pressures under fixed-price models. " " " "

Q2 2025 highlights cost efficiencies (e.g. 46% media cost savings) with adjusted EBITDA at 23% of contribution ex-TAC and a 20 bps year-on-year improvement, all while managing competitive pricing pressures. " " "

Despite ongoing expense pressures, management is focused on long-term pricing discipline and margin improvements through cost efficiencies.

Advanced Technology Integration

Q1 2025 showcased strong growth in Household ID (33% ad spend growth) and a doubling of IRIS_ID presence following the IRIS.TV acquisition. " " " " " " Q4 2024 emphasized enhancements via TransUnion data and expanded IRIS ID deployment. " " " Q3 2024 stressed the role of Direct Access with these integrated solutions. " " "

Q2 2025 continues advanced integration with Household ID now covering 95% of U.S. households and a 15% increase in associated ad spend; IRIS_ID is expanding further with its integration with Whirl and enhanced partnerships. " "

The integration remains a core strength and is expanding further, with deeper partnerships and scale that bolster targeting and measurement capabilities.

CTV Growth and Incrementality

Q1 2025 identified CTV as the strongest growth driver (over 45% of spend) with significant incremental lift outperforming other channels. " " " " " Q4 2024 noted over 40% ad spend growth driven by live sports and TAM expansion, while Q3 2024 marked record CTV spend via Direct Access. " " " "

Q2 2025 reports CTV accounting for about 45% of total ad spend— a record second quarter—with robust direct access partnerships (e.g. with major premium publishers) and an incremental pipeline set to start in 2026. " " " "

CTV remains the primary growth engine with consistent strength in both overall spend and incrementality, reinforcing its central role in the strategy across all periods.

Short-Term Disruptions and Deferred Ad Spend

Q1 2025 revealed deferred campaign activations (3‑4% revenue impact due to tariffs) and attribution delays among mid-sized customers. " " " Q4 2024 mentioned broader market trends, while Q3 2024 did not address this topic [N/A].

Q2 2025 specifies disruptions from advertiser pauses due to economic policy moves, residual political ad effects, and a loss of a sizable advertiser impacting near-term growth (notably in Q3). " " "

Short-term disruptions have become more explicitly discussed, with management quantifying temporary headwinds expected to resolve in subsequent periods.

Lockr Acquisition and Addressability Solutions

Q4 2024 detailed Lockr as a data collaboration platform that accelerates Household ID and IRIS ID adoption, while Q1 2025 mentioned its strategic acquisition impact and margin considerations; Q3 2024 did not include this topic. " " " " " "

Q2 2025 continues to reference the Lockr acquisition as part of strategic investments aimed at enhancing product capabilities and underscores strong addressability via Household ID and IRIS_ID. " "

Although not mentioned in every period, the topic remains important; recent calls emphasize integration and the evolution of addressability solutions as critical long‐term growth drivers.

Seasonality and Expense-Driven Margin Pressure

Q1 2025 noted strong contribution growth (excluding political effects) alongside acquisition-related expense increases. " " Q4 2024 discussed seasonal low Q1 ad spend and higher sales/marketing expenses, while Q3 2024 touched on modest political ad impacts and steady expense growth. " " " " "

Q2 2025 discusses seasonality through the loss of a seasonal advertiser (impacting Q3) and reports a 16% YoY increase in non‑GAAP operating expenses (partially due to acquisitions) alongside maintained operational leverage. " " "

Seasonality and expense pressures continue to be a regular concern; although strategic investments drive higher short‐term costs, management is effectively mitigating these through operational efficiencies to improve margins.